Securing Capital in a Tight Market
Whereâ€™s the money? Thatâ€™s the question a lot of us are asking when it comes to gaining access to capital during these challenging times. Eager to share her own experience is entrepreneur Tricialee Riley, who will be a featured panelist in the Securing Capital in a Tight Credit Market session at this yearâ€™s Entrepreneurs Conference in Detroit, May 17-20. â€śI was amazed when the bank turned down my request,â€ť admits the owner of Polish Bar in Brooklyn, New York, a full-service salon in the trendy Clinton-Hills neighborhood. But Riley didnâ€™t let the setback to deter her. She knew her business was profitable and in excellent shape to take on the debt: 2006 revenues were near the $500,000 mark and they had increased around 57% for 2007, and around 25% as of August 2008. So the 34-year-old entrepreneur redirected her efforts from a large lender to community banks instead. This time she was successful, securing enough capital to open a second Polish Bar location in January 2009. This session is a must for those who canâ€™t afford to have their entrepreneurial endeavors sidetracked.
This story orginally appeared in the August 2009 issue of Black Enterprise magazine.